European stocks eked out modest gains on Tuesday after Eurozone CPI was finalized at 2.6 percent year-on-year in May, up from April’s 2.4 percent as widely expected.
The headline German ZEW Economic Sentiment Index ticked up to 47.5 in June from 47.1 in May while industry data showed U.K. grocery inflation fell for a sixteenth month in a row in June.
The pan European STOXX 600 rose half a percent to 513.90 after ending flat with a positive bias the previous day.
The German DAX, France’s CAC 40 and the U.K.’s FTSE 100 all were up around 0.4 percent.
The dollar edged higher and Treasury yields held steady as investors awaited more U.S. economic data, including the retail sales figures for May as well as comments from several Federal Reserve officials to gauge the Fed’s monetary policy path.
In corporate news, Novonesis surged 6.3 percent after the Danish biotechnology group raised its full-year outlook, citing rising demand for its biosolutions.
Electric equipment and automation systems maker Schneider Electric gained 1.6 percent in Paris after Jefferies upgraded the stock’s rating to “buy” from “hold”.
Carrefour shares plunged 7 percent after reports that the finance ministry wanted to levy a “record fine” against the supermarket group for management of its franchise network.
Whitbread rallied 3.5 percent in London. The British hotel group reiterated its annual forecast despite posting flat first quarter sales.
Equipment rental firm Ashtead Group lost nearly 4 percent after it forecast slower growth in rental revenue for fiscal 2025.
Frasers Group added 1 percent after launching a new share buyback program of up to £80m to reduce share capital of the company.
Market Analysis
European Shares Edge Higher As German Investor Morale Rises
2024-06-18 09:44:26
